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Centrum Broking Report
Ramco Cements Ltd. posted higher than estimated Ebitda of Rs 3 billion (up 1.9% QoQ/ down 17% YoY; our estimate: Rs 2.3 billion).
The sequential increase was due to higher volume, flat overall cost of production despite higher power and fuel cost, offset by marginal decrease in realisation.
As a result, Ramco Cements' Ebitda/tonne stood at Rs 925/tonne, down 1.8% QoQ. We expect marginal increase in fuel cost in Q2 FY23 which is likely to affect margins in Q2 FY23 but should bottom out.
The petcoke prices retreated month-on-month which will benefit from September onwards.
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